After 10 years of positive returns, pension funds active in Italy closed 2018 in the red, and quite a bit: the negotiators have lost an average of 2,5%, the open 4,5%. For the new ones Branch III PIP the decline was even heavier, equal to 6,5%. The only positive result is the one scored by branch I separate management, which achieved average returns of 1,7%. On the other hand, these managements account for the assets at historical cost and not at market values, so the yields largely depend on the coupons collected on the securities. As a term of comparison, again in 2018, the TFR it appreciated by 1,9%, net of taxes.
The data is from the Pension Fund Supervisory Commission (Covip), which presented its annual report to Montecitorio on Wednesday. “2018 was a negative year for all financial markets and especially for stock markets – he recalls Mario Padula, president of the Authority – Over a 2009-year observation period (2018-XNUMX), more suitable for measuring the effects on pension savings, the average compound annual net return was 3,7% for traded funds and 4,1% for open-ended funds. In Pips, on the other hand, it stood at 4% for class III management and 2,7% for class I management. Over the same time horizon, the revaluation of the severance indemnity was 2 percent”.
Ma What do Italian pension funds invest in? According to the Covip report, most of the assets are parked in government bonds (41,7%, stable figure compared to 2017). Between these, Italian public securities they represent just over a fifth of the total assets of the funds: 21,4% (equal to 28,3 billion), down from 22,7% the previous year. They go down on an annual basis equity securities (from 17,7% to 16,4%) and the UCITS units (from 12,6 to 11,9%). THE deposits on the other hand, they stand at 7,5%, while the real estate investments, directly or indirectly, do not exceed 2,7% of the total.
“Overall – continues the number one of Covip – the value of investments of pension funds in the Italian economy is 36,7 billion”, a sum that does not reach a third of managed assets (27,7%) and is almost completely absorbed by BOTs and BTPs. “The jobs in securities of domestic companies remain marginal: the total of 3,7 billion is less than 3% of assets; 2,5 billion are invested in bonds, 1,2 billion in shares”.
In terms of adhesions, as always the Italian market is characterized by profound imbalances in terms of gender and age. Among those enrolled in supplementary pensions, the male component reaches 61,9% (73,1% in negotiated funds) and only 17,7% are under 35, while 54,7% are aged between 35 and 54 years old and 27,6% are over 55 years old.
